Home Buying Tip:

No Deviation. No Violation. No Demolition.
A small violation leads to no other choice than demolition. In some cases it is the quality of construction itself. Even newly constructed buildings some times tumble down like a deck of cards posing a grave danger to the inhabitants. The only option left is Demolition. So think wisely and spend some time before you buy a new home. After all, you can’t let your hard earned money go rubble!

Divided opinions on undivided share
Apartment buyers are entitled a share of land area and this cannot be phy7sically divided. This undivided share of land must be conveyed entirely and proportionely to the buyers. So, when you think of buying a new home, ensure that your share is proportionate and the sum of all the shares constitutes 100% of the land area.

Who owns the terrace anyway?
Title to the terrace area in an apartment complex must be unambiguous to the buyers. This not only ensures that the buyers get adequate freedom to use the terrace area but also safeguards against unauthorized construction and misuse. When you buy a home, act in due diligence and ensure that you get your terrace rights clearly on paper.

Soil Test and Water test are a must
It is prudent to have a soil and water test conducted before construction. A soil test analyses the nature of the soil and helps design a safe structure. Similarly, a water test certifies the quality of water in the water table and its suitability for use in construction. It also indicates whether the water is potable and suited for consumption. Getting into finer details is what makes the difference. Because some things can’t just be tried, but have to be tested.

Open car park An Open Debate
In the absence of byelaws and guidelines to sell an apartment, whether an OPEN CAR PARK can be share sold? In our opinion, since open car parks cannot be demarcated with a portion of the undivided share of land, it is not fair to sell the same for a price. The Debate goes On…On Board: Kamaraj Avenue- Adyar, Kasturi Bai nagar – Adyar, Village Road- Nungambakkam.

Stepping Beyond Square feet
Apartment cost is calculated on the super built-up area, constituting the plinth area and a proportionate share of the common area. It is hence necessary to insist on a detailed area statement of the entire complex along with break-ups of common area. Also, a comparison of the floor plans with CDMA approved drawings will reveal the deviations, if any. It is ideal to include in the agreement the entire set of drawings and area statements of all the apartments, to convey clarity among the buyers in the complex.

Be Cautious of your ‘Home Loan’
“Take 100% of the home loan Upfront, save Pre-EMI”: that is the mantra of many Financial Institutions today. On the face of it, a great proposition, but with a lot of risks involved. Delay in the completion of the project burdens you with paying EMI for the property you have not yet taken possession of, along with the house rent. ‘Phased disbursement linked to work progress’ makes it obligatory for the builders to stick to time schedules. So isn’t it time to exercise caution!!!